Truphone will offer unlimited voice and SMS recording to help financial institutions satisfy mobile recording regulations.
The operator’s new service is designed to lower the cost of compliance as the majority of financial firms are yet to conform to regulations. Truphone’s Mobile Recording allows organisations to encrypt all calls and texts, so banks can reconstruct a trade quickly and easier to satisfy the regulators.
The service is priced at £45 per user, per month for a domestic plan, or £55 for a global plan with unlimited voice and text usage, as well as 1GB of data. The offer will expire on 30 June.
Truphone director of enterprise partners and solutions, Paul Liesching (pictured), said: ‘Truphone has built a network, an infrastructure and a solution that works on a global scale. It helps customers rapidly comply with emerging regulations while enabling greater mobilization, which is why five of the world’s largest investment banks use this solution.' He added: 'In response to market demand, we are pleased to make Truphone Mobile Recording accessible to more customers, in order to ease the burden of regulatory requirements and facilitate greater compliance.’
Ovum senior analyst Rik Turner added: ‘Our research has found that only 33% of UK banks are compliant with regulations, citing cost as the main reason for not implementing mobile recording solutions.' He continued: 'They often forget that a single fine from the regulator far outweighs the cost of a mobile recording solution. These solutions not only help banks stay compliant, but bring in more business by enabling traders to continue doing business on the go. Truphone understands this, and is offering banks a cost-effective mobile recording solution.’